Adam Smith's thought was indebted to the classical training prevailing in the educational system of his day. A careful reading of all his writings can prove the extent of this debt. Classical ...
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Adam Smith's thought was indebted to the classical training prevailing in the educational system of his day. A careful reading of all his writings can prove the extent of this debt. Classical influences are obviously more numerous and easily discernible in the philosophical works, but are not absent from the economic masterpiece. They have been described by the author without having recourse to conjectures or implications, rather by analysing the topics whose classical origin can be ascertained. The book has been divided into chapters devoted to the traditional branches of knowledge treated by Adam Smith: natural philosophy, ethics, jurisprudence, economics, literature; plus a postscript.Smith was not only influenced by classical doctrines but he also selected from them argumentssuited to support his own ideas.Less

Adam Smith and the Classics : The Classical Heritage in Adam Smith's Thought

Gloria Vivenza

Published in print: 2001-11-01

Adam Smith's thought was indebted to the classical training prevailing in the educational system of his day. A careful reading of all his writings can prove the extent of this debt. Classical influences are obviously more numerous and easily discernible in the philosophical works, but are not absent from the economic masterpiece. They have been described by the author without having recourse to conjectures or implications, rather by analysing the topics whose classical origin can be ascertained. The book has been divided into chapters devoted to the traditional branches of knowledge treated by Adam Smith: natural philosophy, ethics, jurisprudence, economics, literature; plus a postscript.

Smith was not only influenced by classical doctrines but he also selected from them arguments

Adam Smith's System is a study in classical economic thought and methodology. It portrays Adam Smith as a Stoic philosopher who wanted virtue to be relevant to this life rather than to ...
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Adam Smith's System is a study in classical economic thought and methodology. It portrays Adam Smith as a Stoic philosopher who wanted virtue to be relevant to this life rather than to the next. His central purpose was to define a set of laws, a jurisprudence in the widest possible sense, which would permit economic and political liberalism to proceed without triggering long‐run moral degeneration. Smith argued that the conflict between morals and wealth was only apparent, because it was possible to synthesize the seeming contraries with better laws and moral rules.All of Smith's writings are analysed, including his writings on morals and methodology, art and rhetoric, and his political and economic writings. The relevance of Wealth of Nations is analysed, and Smith's theories of free trade and economic growth are put into context. It is shown that Smith was primarily concerned with the very broad intellectual endeavour to replace the Aristotelian world‐view, the bulwark and inspiration of medieval Christian thought, with an outlook that was more consistent with Newtonian science.Less

Adam Smith's System of Liberty, Wealth, and Virtue : The Moral and Political Foundations of The Wealth of Nations

Athol Fitzgibbons

Published in print: 1997-11-13

Adam Smith's System is a study in classical economic thought and methodology. It portrays Adam Smith as a Stoic philosopher who wanted virtue to be relevant to this life rather than to the next. His central purpose was to define a set of laws, a jurisprudence in the widest possible sense, which would permit economic and political liberalism to proceed without triggering long‐run moral degeneration. Smith argued that the conflict between morals and wealth was only apparent, because it was possible to synthesize the seeming contraries with better laws and moral rules.

All of Smith's writings are analysed, including his writings on morals and methodology, art and rhetoric, and his political and economic writings. The relevance of Wealth of Nations is analysed, and Smith's theories of free trade and economic growth are put into context. It is shown that Smith was primarily concerned with the very broad intellectual endeavour to replace the Aristotelian world‐view, the bulwark and inspiration of medieval Christian thought, with an outlook that was more consistent with Newtonian science.

This book looks at the background to and causes of the global economic crisis that erupted in 2008 and is with us still. It does this by revisiting a classic book of the past, John Kenneth ...
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This book looks at the background to and causes of the global economic crisis that erupted in 2008 and is with us still. It does this by revisiting a classic book of the past, John Kenneth Galbraith’s The Affluent Society. Each chapter takes a major theme of his book, distils Galbraith’s arguments and then discusses to what extent they cast light on current developments, both in the developed economies and in the economics discipline. The themes include: inequality, insecurity, inflation, debt, consumer behaviour, ‘financialisation’, the economic role of government (‘social balance’), the power of ideas, the role of power in the economy and the nature of the good society. These are enduring concerns for citizens, no more than now as governments, businesses and consumers seek to recover from the economic tsunami that washed over the major Western economies (and is yet to fully recede). As such, the book deals with the big current problems of capitalism and the huge challenges facing democratic governments in tackling them. The book argues that orthodox economic models and policy advice failed spectacularly to warn of impending crisis and has subsequently failed to help lift the struggling advanced economies back on the path to sustainable prosperity. It concludes that although much has happened, in the global economy and in the discipline of economics, since Galbraith wrote, many of the themes he raised and answers he provided remain relevant today.Less

The Affluent Society Revisited

Mike Berry

Published in print: 2013-12-05

This book looks at the background to and causes of the global economic crisis that erupted in 2008 and is with us still. It does this by revisiting a classic book of the past, John Kenneth Galbraith’s The Affluent Society. Each chapter takes a major theme of his book, distils Galbraith’s arguments and then discusses to what extent they cast light on current developments, both in the developed economies and in the economics discipline. The themes include: inequality, insecurity, inflation, debt, consumer behaviour, ‘financialisation’, the economic role of government (‘social balance’), the power of ideas, the role of power in the economy and the nature of the good society. These are enduring concerns for citizens, no more than now as governments, businesses and consumers seek to recover from the economic tsunami that washed over the major Western economies (and is yet to fully recede). As such, the book deals with the big current problems of capitalism and the huge challenges facing democratic governments in tackling them. The book argues that orthodox economic models and policy advice failed spectacularly to warn of impending crisis and has subsequently failed to help lift the struggling advanced economies back on the path to sustainable prosperity. It concludes that although much has happened, in the global economy and in the discipline of economics, since Galbraith wrote, many of the themes he raised and answers he provided remain relevant today.

A wealth of research in recent decades has seen the economic approach to human behavior extended over many areas previously considered to belong to sociology, political science, law, and other ...
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A wealth of research in recent decades has seen the economic approach to human behavior extended over many areas previously considered to belong to sociology, political science, law, and other fields. Research has also shown that economics can provide insight into many aspects of sports, including soccer. This book uses soccer to test economic theories and document novel human behavior, thus illuminating economics through the world's most popular sport. The book offers unique and often startling insights into game theory and microeconomics, covering topics such as mixed strategies, discrimination, incentives, and human preferences. It also looks at finance, experimental economics, behavioral economics, and neuroeconomics. The book provides rich data sets and environments that shed light on universal economic principles in interesting and useful ways. It is essential reading for students, researchers, and sports enthusiasts as it shows what soccer can do for economics.Less

Beautiful Game Theory : How Soccer Can Help Economics

Ignacio Palacios-Huerta

Published in print: 2014-05-25

A wealth of research in recent decades has seen the economic approach to human behavior extended over many areas previously considered to belong to sociology, political science, law, and other fields. Research has also shown that economics can provide insight into many aspects of sports, including soccer. This book uses soccer to test economic theories and document novel human behavior, thus illuminating economics through the world's most popular sport. The book offers unique and often startling insights into game theory and microeconomics, covering topics such as mixed strategies, discrimination, incentives, and human preferences. It also looks at finance, experimental economics, behavioral economics, and neuroeconomics. The book provides rich data sets and environments that shed light on universal economic principles in interesting and useful ways. It is essential reading for students, researchers, and sports enthusiasts as it shows what soccer can do for economics.

Throughout its history as a social science discipline, demography has been associated with an exclusively quantitative orientation for studying population problems. An important outcome of this is ...
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Throughout its history as a social science discipline, demography has been associated with an exclusively quantitative orientation for studying population problems. An important outcome of this is that demographers tend to analyse population issues scientifically through sets of fixed social categories that are divorced from their embeddedness in dynamic relationships and in varied local contexts and processes. The collection of essays in this volume questions these fixed categories in two ways: firstly, by examining the historical and political circumstances in which such categories have their provenance, and secondly, in reassessing their uncritical applications over space and time in a diverse range of empirical case studies. Reflexive questioning is achieved by encouraging a constructive interdisciplinary dialogue involving anthropologists, demographers, historians, and sociologists.This volume seeks to examine the political complexities that lie at the heart of population studies, through a focus on category formation, category use, and category critique. It is shown that this takes the form of a dialectic between the needs for clarity of scientific and administrative analysis and the recalcitrant diversity of the social contexts and human processes that generate population change. The critical reflections on the established categories in each of the essays included here are enriched by meticulous ethnographic fieldwork and historical, archival research, drawn from all the continents. The essays collected here, therefore, exemplify a new methodology for research in population studies, which does not simply accept and use the established categories of population science, but seeks critically and reflexively to explore, test, and re‐evaluate their meanings in diverse contexts. The essays show that for demography to realise its full potential, there is an urgent need to re‐examine and contextualise the social categories used today in population research.Less

Published in print: 2004-03-18

Throughout its history as a social science discipline, demography has been associated with an exclusively quantitative orientation for studying population problems. An important outcome of this is that demographers tend to analyse population issues scientifically through sets of fixed social categories that are divorced from their embeddedness in dynamic relationships and in varied local contexts and processes. The collection of essays in this volume questions these fixed categories in two ways: firstly, by examining the historical and political circumstances in which such categories have their provenance, and secondly, in reassessing their uncritical applications over space and time in a diverse range of empirical case studies. Reflexive questioning is achieved by encouraging a constructive interdisciplinary dialogue involving anthropologists, demographers, historians, and sociologists.

This volume seeks to examine the political complexities that lie at the heart of population studies, through a focus on category formation, category use, and category critique. It is shown that this takes the form of a dialectic between the needs for clarity of scientific and administrative analysis and the recalcitrant diversity of the social contexts and human processes that generate population change. The critical reflections on the established categories in each of the essays included here are enriched by meticulous ethnographic fieldwork and historical, archival research, drawn from all the continents. The essays collected here, therefore, exemplify a new methodology for research in population studies, which does not simply accept and use the established categories of population science, but seeks critically and reflexively to explore, test, and re‐evaluate their meanings in diverse contexts. The essays show that for demography to realise its full potential, there is an urgent need to re‐examine and contextualise the social categories used today in population research.

Two widely heralded yet contested approaches to economics have emerged in recent years. One follows an older, rather neglected approach which emphasizes evolutionary theory in terms of individuals ...
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Two widely heralded yet contested approaches to economics have emerged in recent years. One follows an older, rather neglected approach which emphasizes evolutionary theory in terms of individuals and institutions. The other emphasizes economies as complex adaptive systems. Important concepts from evolutionary theory include the distinction between proximate and ultimate causation, multilevel selection, cultural change as an evolutionary process, and human psychology as a product of gene–culture coevolution. Relevant concepts from complexity theory include self-organization, fractals, chaos, sensitive dependence, basins of attraction, and path dependence. This book explores these two bodies of theory and their potential impact on economics. Central themes include the challenges that emerge through integration, evolutionary behavioral economics, and the evolution of institutions. Practical applications are provided and avenues for future research highlighted.Less

Complexity and Evolution : Toward a New Synthesis for Economics

Published in print: 2016-08-19

Two widely heralded yet contested approaches to economics have emerged in recent years. One follows an older, rather neglected approach which emphasizes evolutionary theory in terms of individuals and institutions. The other emphasizes economies as complex adaptive systems. Important concepts from evolutionary theory include the distinction between proximate and ultimate causation, multilevel selection, cultural change as an evolutionary process, and human psychology as a product of gene–culture coevolution. Relevant concepts from complexity theory include self-organization, fractals, chaos, sensitive dependence, basins of attraction, and path dependence. This book explores these two bodies of theory and their potential impact on economics. Central themes include the challenges that emerge through integration, evolutionary behavioral economics, and the evolution of institutions. Practical applications are provided and avenues for future research highlighted.

Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not ...
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Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. This book outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced. The book describes how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call “activist laissez-faire” policies. The book develops innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. It argues that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.Less

Complexity and the Art of Public Policy : Solving Society's Problems from the Bottom Up

David ColanderRoland Kupers

Published in print: 2016-02-16

Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. This book outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced. The book describes how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call “activist laissez-faire” policies. The book develops innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. It argues that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.

Why do humans, uniquely among animals, cooperate in large numbers to advance projects for the common good? Contrary to the conventional wisdom in biology and economics, this generous and civic-minded ...
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Why do humans, uniquely among animals, cooperate in large numbers to advance projects for the common good? Contrary to the conventional wisdom in biology and economics, this generous and civic-minded behavior is widespread and cannot be explained simply by far-sighted self-interest or a desire to help close genealogical kin. This book shows that the central issue is not why selfish people act generously, but instead how genetic and cultural evolution has produced a species in which substantial numbers make sacrifices to uphold ethical norms and to help even total strangers. The book describes how, for thousands of generations, cooperation with fellow group members has been essential to survival. Groups that created institutions to protect the civic-minded from exploitation by the selfish flourished and prevailed in conflicts with less cooperative groups. Key to this process was the evolution of social emotions such as shame and guilt, and our capacity to internalize social norms so that acting ethically became a personal goal rather than simply a prudent way to avoid punishment. Using experimental, archaeological, genetic, and ethnographic data to calibrate models of the coevolution of genes and culture as well as prehistoric warfare and other forms of group competition, the book provides a compelling and novel account of human cooperation.Less

A Cooperative Species : Human Reciprocity and Its Evolution

Samuel BowlesHerbert Gintis

Published in print: 2011-06-20

Why do humans, uniquely among animals, cooperate in large numbers to advance projects for the common good? Contrary to the conventional wisdom in biology and economics, this generous and civic-minded behavior is widespread and cannot be explained simply by far-sighted self-interest or a desire to help close genealogical kin. This book shows that the central issue is not why selfish people act generously, but instead how genetic and cultural evolution has produced a species in which substantial numbers make sacrifices to uphold ethical norms and to help even total strangers. The book describes how, for thousands of generations, cooperation with fellow group members has been essential to survival. Groups that created institutions to protect the civic-minded from exploitation by the selfish flourished and prevailed in conflicts with less cooperative groups. Key to this process was the evolution of social emotions such as shame and guilt, and our capacity to internalize social norms so that acting ethically became a personal goal rather than simply a prudent way to avoid punishment. Using experimental, archaeological, genetic, and ethnographic data to calibrate models of the coevolution of genes and culture as well as prehistoric warfare and other forms of group competition, the book provides a compelling and novel account of human cooperation.

One hundred years ago the idea of ‘the economy’ didn’t exist. Now, improving ‘the economy’ has come to be seen as one of the most important tasks facing modern societies. Politics and policymaking ...
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One hundred years ago the idea of ‘the economy’ didn’t exist. Now, improving ‘the economy’ has come to be seen as one of the most important tasks facing modern societies. Politics and policymaking are increasingly conducted in the language of economics and economic logic increasingly frames how political problems are defined and addressed. The result is that crucial societal functions are outsourced to economic experts. The econocracy is about how this particular way of thinking about economies and economics has come to dominate many modern societies and its damaging consequences. We have put experts in charge but those experts are not fit for purpose.
A growing movement is arguing that we should redefine the relationship between society and economics. Across the world, students, the economists of the future, are rebelling against their education. From three members of this movement comes a book that tries to open up the black box of economic decision making to public scrutiny. We show how a particular form of economics has come to dominate in universities across the UK and has thus shaped our understanding of the economy. We document the weaknesses of this form of economics and how it has failed to address many important issues such as financial stability, environmental sustainability and inequality; and we set out a vision for how we can bring economic discussion and decision making back into the public sphere to ensure the societies of the future can flourish.Less

The Econocracy : The Perils of Leaving Economics to the Experts

Joe EarleCahal MoralZach Ward-Perkins

Published in print: 2016-11-25

One hundred years ago the idea of ‘the economy’ didn’t exist. Now, improving ‘the economy’ has come to be seen as one of the most important tasks facing modern societies. Politics and policymaking are increasingly conducted in the language of economics and economic logic increasingly frames how political problems are defined and addressed. The result is that crucial societal functions are outsourced to economic experts. The econocracy is about how this particular way of thinking about economies and economics has come to dominate many modern societies and its damaging consequences. We have put experts in charge but those experts are not fit for purpose.
A growing movement is arguing that we should redefine the relationship between society and economics. Across the world, students, the economists of the future, are rebelling against their education. From three members of this movement comes a book that tries to open up the black box of economic decision making to public scrutiny. We show how a particular form of economics has come to dominate in universities across the UK and has thus shaped our understanding of the economy. We document the weaknesses of this form of economics and how it has failed to address many important issues such as financial stability, environmental sustainability and inequality; and we set out a vision for how we can bring economic discussion and decision making back into the public sphere to ensure the societies of the future can flourish.

This book compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Espousing what philosophers would ...
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This book compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Espousing what philosophers would call a consequentialist ethical system, welfare economics evaluates the worthiness of an economic action based on whether the action would increase the wealth of society in the long run. In sharp contrast, Jewish law espouses a deontological system of ethics. Within this ethical system, the determination of the propriety of an action is entirely a matter of discovering the applicable rule in Judaism's code of ethics. This volume explores a variety of issues implicating morality for both individual commercial activity and economic public policy. Issues examined include price controls, the living wage, the lemons problem, short selling, and Ronald Coase's seminal theories on negative externalities. To provide an analytic framework for the study of these issues, the work first delineates the normative theories behind the concept of economic morality for welfare economics and Jewish law, and presents a case study illustrating the deontological nature of Jewish law. The book introduces what for many readers will be a new perspective on familiar economic issues. Despite the very different approaches that welfare economics and Jewish law take in evaluating the worthiness of an economic action, the book reveals a symmetry between the two systems in their ultimate prescriptions for certain economic issues.Less

Economic Morality and Jewish Law

Aaron Levine

Published in print: 2012-08-16

This book compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Espousing what philosophers would call a consequentialist ethical system, welfare economics evaluates the worthiness of an economic action based on whether the action would increase the wealth of society in the long run. In sharp contrast, Jewish law espouses a deontological system of ethics. Within this ethical system, the determination of the propriety of an action is entirely a matter of discovering the applicable rule in Judaism's code of ethics. This volume explores a variety of issues implicating morality for both individual commercial activity and economic public policy. Issues examined include price controls, the living wage, the lemons problem, short selling, and Ronald Coase's seminal theories on negative externalities. To provide an analytic framework for the study of these issues, the work first delineates the normative theories behind the concept of economic morality for welfare economics and Jewish law, and presents a case study illustrating the deontological nature of Jewish law. The book introduces what for many readers will be a new perspective on familiar economic issues. Despite the very different approaches that welfare economics and Jewish law take in evaluating the worthiness of an economic action, the book reveals a symmetry between the two systems in their ultimate prescriptions for certain economic issues.